The London Borough of Tower Hamlets has been crowned as the fastest-growing area in England for new homes.
A study conducted by A-Plan Insurance found that nearly 25% of the total housing sales in Tower Hamlets’ small areas last year were new builds, with 664 out of 2,706 homes sold in 2022 being newly constructed.
The study analysed sales data from the Office of National Statistics, focusing on small areas in England with between 400 and 1,200 households. In total, approximately 665,279 homes were sold across England’s small areas in 2022, and newly built properties made up 2.83% of this figure. Many local council areas performed significantly better than the national average.
Among the fastest-growing small areas for new homes were Ryedale in rural North Yorkshire, North West Leicestershire, Mid Suffolk, Preston, Eden, Telford and Wrekin, Tendring, Broadland, and South Derbyshire.
Ryedale, with its picturesque villages, sold approximately 106 new homes in 2022, making up 13.37% of total residential sales in its smaller communities. North West Leicestershire saw 1,503 homes sold, with 157 being new builds. In Mid Suffolk, 142 newly built homes were sold last year, representing just over 10% of the total residential properties in the region’s less populated areas.
Other noteworthy areas include Preston, with a population of 147,900, selling 1,804 homes in its smaller communities, 173 of which were newly built. The seaside district of Tendring in Essex and the peaceful Broadland, previously crowned the most tranquil place to live in the UK, also made the list.
“Developers provide homes of all shapes and sizes for prospective buyers, from detached, semi-detached and terraced houses to flats and maisonettes.”
“As families and individuals continue to struggle with the weight of the cost-of-living and increasing mortgage rates, it is promising to see that some of the country’s less populated areas continue to thrive with the sales of new homes at a great rate.”
For more research visit: https://www.aplan.co.uk/
